Bullwaves Prime

Bullwaves Prime is a broker-backed proprietary trading program that evaluates traders through 1‑Step and 2‑Step challenges on MetaTrader 5 (MT5). The public materials emphasize access to institutional-style market connectivity via Bullwaves (the trading name of Equitex Capital Limited, Seychelles licence SD185), while clearly stating in programme documents that evaluation and funded stages are operated as simulated accounts using real-market quotes. This structure aims to let traders showcase strategy and risk control without risking personal capital, then earn performance-based payouts.

Ownership and infrastructure are disclosed in the legal notices: Bullwaves Prime is operated by Moonance LLC (Saint Vincent & the Grenadines). Equitex Capital Limited (Seychelles, licence SD185) is named as technology provider and the broker brand behind Bullwaves. The programme excludes residents of several countries, including the United States.

Traders likely to benefit most are those who prefer a clear MT5-only environment, want unlimited evaluation time, and are comfortable with strict risk, consistency, and payout-cap rules typical of broker-backed prop programmes.

Reputation and Transparency

Bullwaves Prime publishes extensive Trading Rules, payout conditions, and legal disclosures on its website. Programme materials state that evaluation and funded stages are simulated environments using real-market quotes. The firm discloses operator and technology relationships and lists regional restrictions, which helps traders understand the structure and limits of the programme before purchasing a challenge.

Broker and Market Access

The legal pages state that Bullwaves is the trading name of Equitex Capital Limited, a Seychelles-incorporated CFD broker (licence SD185), which serves as technology provider for Bullwaves Prime. This implies access to broker-grade infrastructure and market data. However, the prop programme itself is not presented as a regulated investment service; challenges and funded accounts are described as simulated trading.

Trustworthiness and Data Security

Key rules, restrictions, and payout mechanics are publicly documented, including drawdown logic, news trading windows, and payout processing times/fees. Real-time payout displays and links to blockchain explorers for USDT disbursements are provided. Traders should note the refund policy (no refunds after credentials are issued) and the consistency rules enforced before each payout review.

Trading Rules (Funded Account)

Eligibility for payouts begins 15 calendar days after the first trade, then every 15 days thereafter, provided at least 10 active trading days have been completed and all positions are closed when requesting the payout. Payouts are processed by bank wire or USDT within 2–5 business days. A 6% cap per payout cycle applies to gains eligible for profit split (excess above 6% is not lost but is not included in that cycle’s payout). Trading may continue while a payout is pending, but any account breach voids that request.

Risk limits use equity-based trailing logic: 1‑Step has 4% daily and 8% maximum trailing drawdown; 2‑Step has 5% daily and 10% maximum trailing drawdown. Drawdowns trail from intraday equity (daily) and from initial balance or highest equity (overall), and the daily counter resets at 17:00 EST.

Trading Restrictions

• Automation: EAs and trade copiers are allowed during the challenge but prohibited on funded accounts.
• Consistency checks: A profit-consistency rule limits any single day’s share of total profit (≤30% for 1‑Step; ≤40% for 2‑Step) at the time of payout. A lot-size consistency rule excludes profitable trades outside average lot size −70% to +100% from payouts and balance.
• Minimum hold times: Standard instruments require ≥2 minutes; XAUUSD, BTCUSD, and equity indices require ≥5 minutes.
• News trading: Opening/closing within 3 minutes before or after scheduled releases is not allowed; holding through news is permitted within those constraints.
• Weekend: 1‑Step allows opening, closing, and holding over weekends; 2‑Step must close before Friday close unless a weekend add‑on is purchased.
• Prohibited behaviour: Latency/triangular/quote arbitrage; grid/martingale; coordinated trading between accounts; hedging (including across multiple accounts); bracketing orders around events; taking excessive risk in drawdown; one‑sided betting; and other toxic or manipulative practices.

Leverage Structure

Leverage is up to 1:50 across asset classes, with contract sizing varying by instrument. Traders should check symbol specifications inside MT5 before sizing positions.

Bullwaves Prime facilitates trading in a multi‑asset CFD environment through MT5 with access to several asset classes. While symbol lists can change, site materials and rules reference:

• Forex: Major, minor, and selected exotic pairs.
• Equity Indices: Major global indices (indices are also identified as high‑volatility instruments for minimum hold‑time rules).
• Metals: Spot gold (XAUUSD) and other precious metals.
• Commodities/Energies: Examples referenced on the Bullwaves broker site include crude oil and other listed commodities.
• Stocks/Shares and ETFs: Broker site materials reference leveraged trading in global shares and ETFs.
• Cryptocurrencies: Rules explicitly reference BTCUSD, and the payouts page supports USDT disbursement, indicating crypto availability in the trading environment.

Leverage is disclosed as up to 1:50 across assets on evaluations and funded accounts. Contract size and margin requirements differ by instrument and should be verified in MT5’s symbol specifications before trading.

All evaluations and funded (simulated) accounts run on MetaTrader 5 (MT5). Using a single, widely adopted platform simplifies onboarding and keeps strategy/tool compatibility straightforward. MT5 is available on desktop and mobile. Regional eligibility still applies to the prop programme (for example, U.S. residents are listed as ineligible).

MetaTrader 5 (MT5)

• Advantages: Deep indicator library, multi‑asset support, familiar order types, and broad third‑party tool ecosystem.
• Key Features: Advanced charting and timeframes; custom indicators and scripts; economic calendar; Depth of Market (for supported symbols); strategy testing. Traders can check symbol specs directly in MT5 for contract size, tick value, and margin data.
• Automation: EAs are compatible during the challenge phase, but automation and trade copiers are prohibited once funded.

Mobile Trading

MT5 mobile apps on iOS and Android allow monitoring, order placement, and risk adjustments on the go. This can be helpful for meeting minimum active‑day requirements while maintaining risk limits and hold‑time rules.

Beyond the core evaluations, Bullwaves Prime highlights several programme features intended to support active traders:

• Unlimited Time to Pass: Both 1‑Step and 2‑Step challenges have no overall time limit, reducing deadline pressure and favouring process‑driven trading.
• Scaling Potential: The Trading Rules document states a maximum total allocation up to $2,000,000, enabling longer‑term capital growth for consistent traders.
• Optional Add‑ons (2‑Step): Marketing pages list add‑ons such as weekend trading, no minimum trading days, and an earlier first reward option, allowing traders to tailor conditions to their style.
• Education: A Learn section includes short video modules that explain the Trading Rules, payout flow, and the rationale behind consistency and risk limits. This helps traders internalize the rule set before going live in the programme.
• Broker‑Backed Infrastructure: Legal pages describe Bullwaves (Equitex Capital Limited, Seychelles licence SD185) as the technology provider, indicating access to broker‑grade feeds and execution infrastructure for the simulated accounts.
• Affiliate Programme: Every client receives an affiliate link in the dashboard; custom deals are available by emailing the partners team.
• Real‑Time Payout Display: The Payouts page shows recent withdrawals and links to blockchain explorers for USDT, which adds a layer of transparency to disbursements.

Traders should still note that funded accounts are simulated per the firm’s own disclosures; payouts are performance‑based and subject to the programme’s consistency, drawdown, and payout‑cap rules.

Evaluation Fees

Fees depend on account size and evaluation type. As of the latest published schedules: 1‑Step ranges from $89 (5K) to $2,199 (400K), and 2‑Step ranges from $59 (5K) to $999 (200K). Purchases can be made via credit/debit card or cryptocurrency. The firm’s refund policy states that once credentials are issued after payment, sales are final.

Trading Commissions and Spreads

The public Bullwaves Prime pages do not publish a commission-per‑lot schedule, spread table, or symbol‑specific fees for the programme. Because trading occurs in simulated accounts with real‑market quotes, actual trading costs experienced in MT5 will depend on symbol specifications visible in the platform. Traders should check MT5’s contract specifications for each symbol before trading.

Swap/Holding Costs

Programme pages and the Trading Rules do not provide a published swap or overnight fee schedule for the simulated environment. If swaps are applied inside the simulation on certain symbols, they would be visible in MT5 symbol specifications. Absent public documentation, traders should verify these costs directly in the platform.

Refund Policy

No refunds are issued after credentials are delivered. The firm also notes that traders in 1‑Step or 2‑Step challenges are paid based on simulated performance only, reinforcing that the service is an evaluation product rather than a live trading account.

Profit Split

The Trading Rules state a funded‑account profit split of up to 80%. Marketing pages also advertise a “Higher Profit Share” add‑on and reference profit shares “up to 100%,” so traders should confirm the split shown in their dashboard at funding to avoid ambiguity.

Payout Eligibility

• First payout: Eligible 15 calendar days after the first trade is placed, provided at least 10 active trading days have been completed.
• Subsequent payouts: Every 15 calendar days.
• All positions must be closed when requesting a payout; trading while a payout is pending is allowed, but any account breach cancels the request.
• Payout cap: A maximum of 6% of the starting funded balance is eligible for profit share per payout period (excess remains in the account but is excluded from that cycle).
• Consistency rules apply at payout review, including profit‑distribution and lot‑size consistency checks.

Payout Schedule and Methods

Payouts are processed within 2–5 business days by bank wire or USDT (ERC‑20). The minimum withdrawal is $50. Crypto withdrawals carry no fee; bank wires have a $30 flat fee.

Payment Methods (Evaluation Purchase)

Credit/debit cards and cryptocurrency are accepted for buying challenges. Network fees on crypto payments are outside the firm’s control and not charged by Bullwaves Prime.